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Licensed insurance agent exam practice questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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Licensed insurance agent exam practice questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • licensed insurance agent exam practice

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  • Commercial Construction
  • Commercial Construction

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Licensed insurance agent exam practice
a 100,000 house insured on a policy with an 80% coinsurance requirement has a fire that
caused $40,000 of damage; the owner has a policy with $60,000 coverage. how much can the
owner collect from his loss? - ANS-$30,000

A businessowner policy is? - ANS-A self-contained prepackaged policy

A homeowner sells his house to a friend. The friend wants to keep the homeowners current
policy in effect. Under the assignment provision, which of the following is most likely? - ANS-The
homeowner will need to get written consent from the insurer before the policy can be
reassigned.
In property and casualty insurance, assignments of policies are usually valid only with the prior
written consent of the insurer.

A mobile homeowners policy is structured the same as a - ANS-Homeowners policy

A person who is not named as the insured on the declarations page of a policy but is protected
by the policy is known as the - ANS-additional insured

A plasterer has a finish job. What kind of liability coverage would protect him if the plaster falls
and hurt someone because he did not do the job correctly? - ANS-Completed operations

A premium discount is the term that describes one in ensure owes a total standard premium
greater than? - ANS-Greater than $5,000

A professional who want to coverage for all liability exposures would purchase what form of
liability insurance - ANS-Commercial general and professional

A situation in which a person can only lose or have no change represents? - ANS-pure risk

All of the following are considered parts of the policy structure except - ANS-provisions

All of the following are true regarding physical damage coverage except? - ANS-The limit of
liability is the greater of the actual cash value of the vehicle at the time of loss or the amount
necessary to repair or replace the vehicle.

all of the following conditions must exist for injury or damage to be included in the products and
completed operations hazard of a commercial general liability policy except? - ANS-The injury or
damage must occur within 90 days after the insured's work is completed.

, all of the following statements are true regarding employee dishonesty optional coverage under
the business owners policy BOP except - ANS-it provides coverage for all employees, even
those employees who weren't terminated in the past 90 days

All of the following would be considered under the medical expense coverage of a business
owners policy except? - ANS-

An applicant knowingly fails to communicate information that would help an underwriter make a
sound decision regarding coverage this is example of? - ANS-concealment

An employee is injured while visiting the employer's out-of-state site. How will the workers
compensation benefits be determined? - ANS-Benefits will be provided if the state was listed on
the policy information page.

an insured has four separate but identical policies written by different insurers to cover her
100,000 building. each policy is written for 100,000, and each has the pro Rata liability other
insurance clause. In the event of a total loss to the building, what would the insurer pay? -
ANS-each policy will pay $25,000 of the loss

an insured owns a large dog. The first day he has to leave the dog home alone to go to work,
the insured comes back to find his $400 couch torn apart his hundred dollar coffee table chewed
up and his $50 window curtain shredded, and a $200 window pane shattered where his dog
jumped through. The insured has a personal property coverage under a special form of dwelling
policy. How much of this loss will the policy cover? - ANS-0

an insured owns several buildings, at each different location and insured On a separate policy
what type of coverage does the insured have? - ANS-specific

An insured was involved in an automobile accident for which the insured was at fault. which of
the following coverages would pay for damage to the insureds automobile? - ANS-collision

And equipment breakdown coverage, all accidents would be considered a single accident if they
occur? - ANS-At a single location at the same time and from the same cause

And individuals construction company leaves mobile equipment in construction machinery on
the job site until the project is completed. What could this individual used to ensure it? -
ANS-Contractors equipment floater.

And insured insist the insured Osim 10,000 for liability damages while the insure research that
they owe no more than 7000 which of the following would most likely describe the type of claims
settlement that the insured and the insure might pursue - ANS-Arbitration

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